Bitcoin Exchange Mt. Gox to Liquidate After Rebuilding Rejected

A Japanese court rejected Mt. Gox's plans to rebuild and put its assets under a provisional administrator's control until bankruptcy proceedings begin.

Bitcoin exchange Mt. Gox has agreed to liquidate after a Japanese court rejected its plans to rebuild, according to a report by the Wall Street Journal. Mt. Gox filed for bankruptcy protection in February after announcing about 850,000 bitcoins, worth around $454 million at today's rates, may have been stolen by hackers. It has since recovered 200,000 of the missing bitcoins. The court put Mt. Gox's assets under a provisional administrator's control until bankruptcy proceedings begin.